Exempted Partnerships Amendment (No. 2) Act 2005
EXEMPTED PARTNERSHIPS AMENDMENT ACT 2005
BERMUDA
2005 : 37
EXEMPTED PARTNERSHIPS AMENDMENT (N0. 2) ACT 2005
Date of Assent: 29 December 2005
Operative Date: 29 December 2005
WHEREAS it is expedient to amend the Exempted Partnerships Act
1992:
Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:
Short title
1 This Act, which amends the Exempted Partnerships Act 1992
(the "principal Act"), may be cited as the Exempted Partnerships
Amendment (No. 2) Act 2005.
Amends section 8
2 Section 8(5) of the principal Act is repealed.
Amends section 17
3 Section 17(1) of the principal Act is repealed and the following
subsection is substituted —
"(1) An exempted partnership shall appoint, and at all times
maintain in Bermuda, a resident representative."
Inserts sections 20A, 20B and 20C
4 The principal Act is amended by inserting next after section 20
the following sections —
1
EXEMPTED PARTNERSHIPS AMENDMENT ACT 2005
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"Revocation of certificate
20A The Minister may at any time revoke the certificate of an
exempted partnership where――
(a) the exempted partnership contravenes or fails to comply
with any provision of this Act;
(b) in the opinion of the Minister the exempted partnership
is carrying on business in a manner detrimental to the
public; or
(c) a court or other competent authority in any country
makes an order for dissolution of the exempted
partnership.
Revocation procedure
20B (1) The Minister shall give an exempted partnership
reasonable notice in writing of his intention to revoke its
certificate under section 20A and shall afford the partnership an
opportunity of making representations to him.
(2) A notice under subsection (1) shall specify the grounds
on which the Minister intends to revoke the certificate.
(3) Upon the revocation of its certificate an exempted
partnership shall forthwith cease to engage in or carry on any
trade or business in Bermuda unless the Minister in his
discretion authorizes the partnership so to do—
(a) pending the determination of an appeal against the
revocation; and
(b) for such period as the Minister may specify for the
purpose of ceasing its business in Bermuda.
(4) When the Minister revokes the certificate of an exempted
partnership the Registrar may, if he is satisfied that it would be
in the interests of any creditor of the partnership or of any other
person to whom the partnership has an obligation that the
affairs of the partnership in Bermuda should be wound up,
petition the Court to wind up its affairs and the Court may make
such orders for the winding up of the affairs of the exempted
partnership as is practicable.
Appeal to Supreme Court
20C (1) An exempted partnership aggrieved by the revocation by
the Minister of a certificate may appeal to the Court within
twenty-one days or such longer period as the Court may allow
after receipt of notification of such revocation.
(2) If an appeal is allowed by the Court, the partnership
shall be entitled to engage in or carry on any trade or business
EXEMPTED PARTNERSHIPS AMENDMENT ACT 2005
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in Bermuda in the same manner as it did before its certificate
was revoked.
(3) If an appeal is dismissed by the Court, the partnership
shall, forthwith or in such time as the Minister may allow, cease
to engage in or carry on any trade or business in Bermuda.
(4) Section 62 of the Supreme Court Act 1905 shall be
deemed to extend to the making of rules under that section to
regulate the practice and procedure on an appeal under this
section.”.
Inserts section 24A
5 The principal Act is amended by inserting after section 24 the
following section ―
“When licence, permit, etc. not required
24A A person who acts as a partner of an exempted partnership
shall not, by virtue solely of so acting, be deemed to be carrying
on business in Bermuda for the purposes of this Act, the
Overseas Partnerships Act 1995 or section 129A or 134 of the
Companies Act 1981.”
